Daily Discussion, page-7861

What will hold the slide?

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Yes RDN another drop this week from 2.6 to 2.3. The volume yesterday was very big, with play in 2.2, so overall some concerning time here.

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So what is happening? Mostly played the macro. Many others waiting for announcement around drilling, which has not yet come. So drifting down along with other Li stocks. Many Li stocks have now breached their Feb lows. RDN did 2.1 in Feb, so has managed to keep its head above the water for now. Last October it rebounded of 2.2, can it repeat that? Possibly, but may need help from macro. Otherwise 1.9 comes into play. It needs to hold that, otherwise I don't know what the numbers could be. For upside, last week I was thinking 3, this week to get over 2.5 would be good, lot of play happens at this price level.

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Personally, my last play was exit at 3 on break even which I wrote before. Have not yet bought. Very cautious currently in Li plays, waiting for some change in sentiment or price action, hopefully soon.

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So what may happen next week? Very uncertain times. I use ALB as barometer, it's doing fresh 52 week lows every week, trying to hold 90. Ganfeng too fresh lows, but doing wild swings now, slight positive in last 2 days, but nothing convincing. In my weekly report last weekend, I wrote very good chance general markets may go into correction, over 10% drop. It has fallen around 5% now from its high. So this too not helping the cause. But things could change, and sometimes suddenly, a slight chance in sentiment, and off we go. Let's hope it plays out that way. Enjoy your weekend and all the best.